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Side-by-side financial comparison of SL GREEN REALTY CORP (SLG) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
SL GREEN REALTY CORP is the larger business by last-quarter revenue ($276.5M vs $192.7M, roughly 1.4× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs -36.5%, a 49.9% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 12.4%). Over the past eight quarters, SL GREEN REALTY CORP's revenue compounded faster (21.3% CAGR vs 13.5%).
SL Green Realty Corp. is a real estate investment trust that primarily invests in office buildings and shopping centers in New York City. As of December 31, 2024, the company owned interests in 39 properties comprising 25,297,353 square feet, primarily in Manhattan. It has been referred to as "New York City’s largest office landlord".
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
SLG vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $276.5M | $192.7M |
| Net Profit | $-100.8M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | 64.2% | 18.0% |
| Net Margin | -36.5% | 13.4% |
| Revenue YoY | 12.4% | 12.7% |
| Net Profit YoY | -870.0% | 47.2% |
| EPS (diluted) | $-1.49 | $0.69 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $276.5M | $192.7M | ||
| Q3 25 | $244.8M | $189.9M | ||
| Q2 25 | $241.9M | $187.4M | ||
| Q1 25 | $239.8M | $181.5M | ||
| Q4 24 | $245.9M | $170.9M | ||
| Q3 24 | $229.7M | $163.7M | ||
| Q2 24 | $222.8M | $153.6M | ||
| Q1 24 | $187.9M | $149.6M |
| Q4 25 | $-100.8M | $25.8M | ||
| Q3 25 | $28.6M | $25.6M | ||
| Q2 25 | $-7.4M | $19.7M | ||
| Q1 25 | $-17.3M | $22.2M | ||
| Q4 24 | $19.1M | $17.6M | ||
| Q3 24 | $-9.5M | $23.5M | ||
| Q2 24 | $1.6M | $18.0M | ||
| Q1 24 | $16.9M | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | 64.2% | 18.0% | ||
| Q3 25 | 85.5% | 16.4% | ||
| Q2 25 | 53.4% | 14.1% | ||
| Q1 25 | 56.7% | 14.3% | ||
| Q4 24 | 59.8% | 14.5% | ||
| Q3 24 | 65.1% | 15.6% | ||
| Q2 24 | 79.2% | 15.1% | ||
| Q1 24 | — | 10.3% |
| Q4 25 | -36.5% | 13.4% | ||
| Q3 25 | 11.7% | 13.5% | ||
| Q2 25 | -3.0% | 10.5% | ||
| Q1 25 | -7.2% | 12.2% | ||
| Q4 24 | 7.8% | 10.3% | ||
| Q3 24 | -4.2% | 14.3% | ||
| Q2 24 | 0.7% | 11.7% | ||
| Q1 24 | 9.0% | 12.0% |
| Q4 25 | $-1.49 | $0.69 | ||
| Q3 25 | $0.34 | $0.67 | ||
| Q2 25 | $-0.16 | $0.52 | ||
| Q1 25 | $-0.30 | $0.58 | ||
| Q4 24 | $0.13 | $0.46 | ||
| Q3 24 | $-0.21 | $0.62 | ||
| Q2 24 | $-0.04 | $0.48 | ||
| Q1 24 | $0.20 | $0.48 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $155.7M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.7B | $973.9M |
| Total Assets | $11.1B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $155.7M | $151.4M | ||
| Q3 25 | $187.0M | $133.7M | ||
| Q2 25 | $182.9M | $107.6M | ||
| Q1 25 | $180.1M | $94.9M | ||
| Q4 24 | $184.3M | $241.0M | ||
| Q3 24 | $188.2M | $205.8M | ||
| Q2 24 | $199.5M | $271.8M | ||
| Q1 24 | $196.0M | $290.8M |
| Q4 25 | $3.7B | $973.9M | ||
| Q3 25 | $3.8B | $958.9M | ||
| Q2 25 | $3.8B | $949.8M | ||
| Q1 25 | $3.8B | $920.9M | ||
| Q4 24 | $4.0B | $854.7M | ||
| Q3 24 | $3.6B | $829.4M | ||
| Q2 24 | $3.7B | $703.4M | ||
| Q1 24 | $3.7B | $683.0M |
| Q4 25 | $11.1B | $1.2B | ||
| Q3 25 | $11.1B | $1.2B | ||
| Q2 25 | $11.3B | $1.1B | ||
| Q1 25 | $11.4B | $1.1B | ||
| Q4 24 | $10.5B | $1.0B | ||
| Q3 24 | $10.2B | $1.0B | ||
| Q2 24 | $9.5B | $854.5M | ||
| Q1 24 | $9.8B | $839.8M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $82.9M | $45.9M |
| Free Cash FlowOCF − Capex | — | $38.2M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | — | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $82.9M | $45.9M | ||
| Q3 25 | $-6.8M | $60.6M | ||
| Q2 25 | $54.5M | $32.3M | ||
| Q1 25 | $6.7M | $40.0M | ||
| Q4 24 | $129.6M | $40.6M | ||
| Q3 24 | $16.7M | $53.3M | ||
| Q2 24 | $79.4M | $29.4M | ||
| Q1 24 | $-24.7M | $34.1M |
| Q4 25 | — | $38.2M | ||
| Q3 25 | — | $54.6M | ||
| Q2 25 | — | $25.7M | ||
| Q1 25 | — | $33.8M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | — | $48.1M | ||
| Q2 24 | — | $24.4M | ||
| Q1 24 | — | $30.5M |
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | — | 20.1% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 15.9% | ||
| Q1 24 | — | 20.4% |
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | -0.24× | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | 6.77× | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | 50.33× | 1.63× | ||
| Q1 24 | -1.46× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SLG
| Real Estate Segment | $223.1M | 81% |
| Other | $35.9M | 13% |
| Debt And Preferred Equity Segment | $17.4M | 6% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
